Development of Forensic Science Methods

Development of Forensic Science Methods The Criminal Justice System of England in the 18th century initially consisted of perpetrators being privately prosecuted by their victim, with the victims playing the role of the criminal investigator; gathering and submitting evidence, paying fees to cover the expenses of the constables time in order to apprehend the suspect, filing charges with the local magistrates and presenting evidence to the grand jury. However, the development of the CJS has resulted in professional bodies gathering and submitting evidence, alongside the representation of victims in court by the Crown Prosecution Service (CPS), victim support services and there are an array of specialist courts in existence who handle cases specific to their knowledgeable subject. The Contribution of Forensic Science to Police Investigation As cited by Pyreck (2007, p. 4), The National Institue of Justice (NIJ. 1998) defines forensic science as the application of scientific knowledge to the legal system. Thornton (1997) observes, Forensic comes to us from the Latin forensus meaning of the forum. In ancient Rome, the forum was where governmental debates were held, but it was also where trials were held. It was the courthouse. So, forensic science has come to mean the application of the natural and physical sciences to the resolution of conflicts within a legal setting. The Home Office Report (2005, p. vii) proposes that factors such as the degree of integration and communication between police and scientific support appeared to be important in determining retrieval rates. Forensic science was initially a conventional means to corroborate suspected offenders, however due to procedures such as DNA testing; the report goes on to state that there is an increase in the proportion of volume crime offences detected using foren sic evidence. In the UK, it is estimated that, for directly detected volume crimes, the main evidence securing the detection was forensic in more than one quarter of cases. Databases such as AFIS and NDNA run systems which provide comparable results from forensic evidence to apprehend offenders on the system; with a detection rate of attaining perpetrators in seven in ten cases, which can render to be the solution to a further 0.4 open cases on the system. Fingerprint evidence can be found 41% of the time at scenes of vehicle crimes, 45% of non-residential burglaries and one in three residential burglary scenes; with 10% of scenes providing DNA evidence. However, it proves to be difficult to collect forensic evidence when scenes are inaccessible, have been purged or the offender has been vigilant. It can also be difficult to convict suspects with a positive DNA match when there is insufficient evidence or the individual provides a legitimate alibi. The use of forensic measures in co urt however, have proven to impact cases in a positive light; namely for theft, murder and burgulary cases, with an increase of 17% for burglary; alongside this, the appraisal of DNA and fingerprint evidence augments a jurys decision to convict in cases of homicide and rape. Methodology Applied when Gathering Blood Spatter Evidence and Other Samples in Criminal Investigation Forensic Scientists can gather a more accurate profile of the perpetrator and how the crime was committed by gathering and analysing the following specimens: Hair analysis Fiber Analysis Glass Fragments Paint Chips Analysis Soil Analysis Ballistics Toolmarks Bitemarks Fingerprints Footwear Tire Impressions Blood Spatter Analysis DNA Analysis Blood, Semen, and Saliva (DNA matching and typing; blood-spatter analysis Nonhuman DNA (dog, cat, deer, whales) Drugs (drug identification, forensic pathology) Explosives (bomb and arson identifications and source traces) Fibers (fiber typing, source identification, and matching) Hair (hair typing and matching) Fingerprints (fingerprint matching, AFIS, etc.) Bones (gender and age typing, identification of remains; weapon identification) Wound analysis (weapon typing; physical movement patterning) Firearms and ammunition (ballistics and tool-mark identification) Powder residues (shootings, suicides) Glass (glass typing and matching) Foot, tire and fabric impressions (impression typing and matching) Paint (paint typing and matching in automobile collisions, hit and run) Petroleum products (product typing and matching) Plastic bags (typing and matching; garbage bags as suffocation device or when used in transports) Soils and minerals (mineral typing and matching; forensic geology) Tool marks (tool identification and matching; homicides, burglary, home invasions, etc.) Wood and vegetative matter (plant typing and matching; plant DNA) RAPD matching; limnology, Forest Service Lab Insects, larvae, maggots; forensic entomology; time of death; location analyses) (Kiely, F. T. 2006, p. 50) One of the underlying principles behind forensic analysis is the concept that when two individuals come in contact with one another, or if an individual comes in contact with an object, there is a high probability of transfer of biological material (skin, hair, etc.). The transfer does not always have to be as obvious as blood, (Missouri State Highway Patrol, p. 22). Due to this, it is important to collect samples from all those whom have been in contact with the victim and the scene of the crime to avoid wrongful implications by eliminating those individuals whom do not match the suspects DNA profile. Analysing Blood, Semen and Saliva Samples Hair is a biological specimen of the body and may be associated back to its source through DNA analysis (although DNA is not always successfully extracted from hair), (Missouri State Highway Patrol page. 30). Alternatively, materials stained with blood, semen, saliva can be collected, be ensured to be air dried before placed in a paper bag and sealed, then tagged with the identification of the contents, exhibit number, initial and date. For porous material such as cloth and leather, investigators are advised to cut the area containing the stain; however for nonporous materials such as glass and metal, stains are removed via a cotton swab that has been moistened with water; and for liquid stains, a clean cotton swab is immersed in the sample. In terms of collecting semen samples, when the specimen is not drying-out, alternatively, condoms are to be frozen. When collecting a Buccal (Oral) swab, two to four swabs must be vigorously rubbed on the interior of the cheek for a minimum of 30 secs to a minute to recover epithelial (skin) tissue; which must then be labelled with the individuals names. The Application of Fingerprint Identification When fingerprint evidence found in a body of water is collected, it should remain in the original water. A watertight container should be lowered into the water and allowed to fill. This allows the evidence to be placed in the container without exposing it to the air. If fingerprint evidence found in water is allowed to dry before processing, the likelihood of developing prints of value dramatically decreases. (Missouri State Highway Patrol) page. 17)The Automated Fingerprint Identification System (AFIS) is a database which stores fingerprints that have been taken from suspects, whether they have been incarcerated or not; due to which perpetrators are easily identified, without having a definitive suspect, as their prints are already present on the system. Latent fingerprints on nonporous materials deteriorate rapidly upon prolonged exposure to high temperature and humidity. Consequently, items should be processed and/or forwarded to a laboratory as soon as possible A ruled scale should be used when photographing latent prints. Latent prints on materials are to be handled with gloves and placed in a cellophane protector, whereas latent prints on surfaces such as plastic cards, metal plates and glass bottles are dusted with finger print powder and then extracted with lifting tape and placed on a 3 x 5 card, which contrasts in color with the dusting powder used. Behavioural Science Support As cited by Alison and Rainbow (2011), the crime scene is presumed to reflect the murderers behaviour and personality in much the same way as furnishings reveal the homeowners character (Douglas et al., 1992: 21) (Alison, L. and Rainbow, L. 2011 p. 19) Full verbal case briefing and access to the SIO/investigation team All relevant statements Crime reports Any officers reports/status reports Pathology and forensic reports/findings Full set of crime scene and pst -mortem photographs Available analysis (e.g. telephony, palynology, entomology, etc) Relevant maps Visit to all relevant scenes; allows the BIA to gain fuller understanding of the decision-making process of the offender. Such information is not routinely available from (the above mentioned methods), where often the evidential focus is too restrictive to provide the necessary behavioural perspective. (Alison, L. and Rainbow, L. 2011 p. 25) Behavioural Investigative Advisors (BIAs) provide a theoretical perspective in investigations via the use of forensic psychology to support investigators by implementing methods such as crime scene assessment; DNA screening; suspect prioritisation; familial DNA; nominal pool generation; interview strategy; media strategy; offender background characteristics; and investigation strategy, (Newburn, T. Et al. p.. 658). In order to perform an accurate evaluation, BIAs require case materials such as: Please refer to Appendix. 1: Example of the BIAs work. The BIA are able bodies whom provide expertise in offender profiling to connect cases where correlating physical evidence is not evident. The Serious Crime Analysis Section (SCAS) of the NPIA, through their mandate to collect and analyse a range of sexually motivated offences throughout the UK, now has more than 16,500 offences on ViCLAS (Violent Crimes Linkage Analysis System) database, (Alison, L. and Rainbow, L. 2011 p. 25). Appendix Appendix 1: Example of the BIAs work. (Alison, L. and Rainbow, L. 2011) Case Study 2, folder 1FF, 194528.jpg

Curfew Laws: Helpful or Harmful? Essay

Curfew laws are being carefully examined right now. Some adults believe that they are necessary and that they help curb adolescent crime. Others believe that they violate rights and don’t really solve the problem at all. To look at this issue more closely, there are two articles, one in support of curfew laws, and one against it. The first article is by David Knight, who is in support of curfew laws. There are strengths to his article. First of all, he is a police officer who has seen teen crime firsthand. He is also a parent, so he knows that kids may tell their parents one thing (i. e. â€Å"I’m going to Johnny’s house†) but really do another, intentionally or unintentionally. Knight is convinced that at night, teens can get into trouble because fewer people are watching them. Also, he says that teens who are out at night are likely behaving in ways that are disruptive, like violating noise ordinances and drinking underage. Knight points out that no one, regardless of their age, has the right to disrupt others and be publicly annoying. These are all good points. However, Knight fails to point out what effect, exactly, curfews have had on the juvenile crime rates. He also ignores other possibilities in combating juvenile crime, such as counseling or afterschool programs, or the parent’s role. While it is true, as Knight says, that some kids will lie to their parents, it is insulting and ridiculous to assume that all kids will lie to their parents. Knight glosses over this idea, and one has to wonder how much he trusts his own kids. The second article is by Colin Miller, who opposes curfew laws. The strengths are the statistics he cites – that most juvenile crime occurs between the hours of 3 pm and 11 pm, with most occurring before 8 pm. He also states that afterschool programs have been shown to be far more effective in combating crime than curfews. Finally, curfews have cost cities a lot of money in increased police costs, money that Miller says could be used to fund afterschool programs and other ways to combat juvenile crime more effectively. Miller also says that curfews take away the parents’ rights, while making them more responsible for their teens’ behavior. The weaknesses of his article are that he doesn’t talk much about the actual effects of curfews on teens in the towns, he just says they are â€Å"ineffective. † He also doesn’t look at the law enforcement’s point of view much. I agree with Miller. Miller makes many more reasonable arguments than does Knight. Knight assumes that all kids are inherently bad, and that the only thing they would be doing on the streets is getting into trouble. While it’s easy to see how Knight would feel this way – he is a cop who deals primarily with teens in trouble – it is a false and troubling assumption about teens. Knight’s statement that all teens lie to their parents and that parents can’t control their kids without the law’s help is also ridiculous. This supposes no trust or respect between parents and kids, and many parents have raised their kids better than this. Miller recognizes that kids are often inherently good, and that those that aren’t are going to get in trouble just as much (and more) during the day as at night. Research has shown, as Miller states, that it is in the afterschool hours (when parents are still at work and kids are unsupervised) that kids are more likely to get in trouble, if they are going to get in trouble at all. What’s more, Miller is correct in saying that teens need the freedom to make choices if they are to learn to make good ones. Teens are nearly grown up, and if they can’t even choose to come home early (or to go to a good evening event, possibly at a friend’s house or at church), then how are they going to be entirely responsible for themselves in a year or two? Teens should be given more freedom as they grow up, not less. Finally, instead of punishing all teens who are out late at night, cops and the rest of society should worry about helping the teens who are in trouble, those who have already been in the system for doing something they shouldn’t. These teens need help, they need supervision, they need people to care about them and provide them with alternative activities. In general, money is much better spent on real crime prevention than punishing the innocent.

The Idea of Numbness and Learning in Bradburys novel Fahrenheit 451 - Free Essay Example

Sample details Pages: 3 Words: 945 Downloads: 1 Date added: 2019/04/10 Category Literature Essay Level High school Tags: Fahrenheit 451 Essay Ray Bradbury Essay Did you like this example? Beam Bradburys novel Fahrenheit 451 delineates a general public where individuals pulverize learning and advance numbness. In his fantasized world regular folks eagerly fit in with the standards set up by the administration, which plan to make everybody approach. This similarity is authorized to maintain a strategic distance from any contention and satisfy the minorities, and this is the place the fire fighters come in. Don’t waste time! Our writers will create an original "The Idea of Numbness and Learning in Bradburys novel Fahrenheit 451" essay for you Create order The fire fighters are sent to consume the books and wipe out any substance that would rattles society as books resemble stacked firearms. Oblivion is to a great extent spread all through the populace, yet there are a couple of people who can get away from this flood of numbness and endeavor to save learning and change society. All through this novel, Bradbury thinks about the musings and activities of his two differentiating characters, Montag and Mildred, to uncover the points of interest and drawbacks of obliviousness and information. Basically Bradburys cutting edge novel makes the peruser question what makes us glad; taking the path of least resistance and carrying on with an oblivious life or testing ourselves by learning and battle with the results shrewdness brings. Obliviousness is in its tendency a simple and relatively engaging condition of being. By being uninformed we are exempted from considering, stressing and besides settling on wrong choices since we essentially dont have the foggiest idea about any better. However, is being oblivious being glad? For Mildreds situation, a character that in this novel epitomizes an ordinary regular citizen, that isnt even an inquiry. She doesnt stress over being cheerful or anything to that issue, rather she rest strolls through life and is devoured by the everyday. Mildred survives the parlor dividers, a modify reality that is a domain as genuine as the world. It progresses toward becoming and is reality. [84] Mildred cant get away from this virtual world, and rather fits in with what the parlor close relatives and uncles say since she needs to accept and is persuade that it is reality. Books arent genuine [84] to her and the information they contain is terrifying and hazardous in light of the fact that it obliterates her ideal romanticized dream world. Toward the finish of the novel Montag requests that her alter her way of life. He beseeches her to really hear him out and read a book. Notwithstanding, Mildred obtrusively declines to do as such in light of the fact that she sees learning as a danger. Rather she shouts for him to quit, demonstrating that she would preferably be unmindful than be presented to something obscure. Mildreds disobedience towards information shows how here and there not knowing is less demanding that managing reality. However, is overlooking reality any better? Will joy truly be accomplished through self-double dealing and similarity, or is testing reality what makes us content? A few characters, for example, Montag, Faber and Clarisse cant surrender to obliviousness. They, not at all like the others trust that books are great and that learning is the premise of joy. These think past the parlor dividers and dont simply talk things, they discussion of the importance of things. [75] Bradburys hero, Montag, changes from insensible to learned and demonstrates that satisfaction is especially tied in with the idea information. Montag starts the novel as Mildred does, absent. He is a fire fighter and appreciates consuming books since it is the thing that he assumed do. He doesnt address nor does he think past his obligations. This rapidly changes when he meets Clarisse. She makes him question in the event that he is upbeat, and the acknowledgment that he isnt touches off his look for something more. In his mission for reality Montag in the end understands that an existence without learning and without correspondence is unfilled. This vacancy frequents him and he ba ttles to safeguard a universe of books and a universe of significance, regardless of whether it implies placing himself in threat. Montag starts to peruse the books he once consumed and despite the fact that their substance loads him he feels that he cant return to an existence where nothings associated up. [46] Montag sees that dread is what is keeping numerous from claim lives, for the most part the dread of committing errors. However even know there is a shot of disappointment Montag battles for the opportunity of information on the grounds that as Faber says, mix-ups can be benefitted by. In the event that you shroud obliviousness, nobody will hit you and you will never learn [104] As Longfellow expressively puts Let me know not in distressed numbers, life is but rather a vacant dream, for the spirits is dead that sleeps, and things are not what they appear. Montag demonstrates to us that life is tied in with being wakeful and associating with individuals and things. Toward the finish of the novel Montag comes to comprehend that information is the thing that conveys significance to our lives, and that that is the thing that makes us cheerful. There are numerous methods for translating the difference among obliviousness and learning in Bradburys novel Fahrenheit 451. On one hand we can presume that aggregate numbness is joy in light of the fact that the oversight of information shields us from our issues. The individuals who favor this contention will concur with the announcement obliviousness is delight, and will consider numbness prompts an agreeable simple life. Nonetheless, the individuals who differ will esteem that bliss is just accomplished through knowing, considering, learning and associating. The two sentiments are satisfactory. Genuinely, the immense achievement of Fahrenheit 451 is the manner by which Bradbury can make the peruser think and question the idea of numbness and learning.

The Process Of Designing A Class - 795 Words

Diabetes has become an increasing debilitating disease to many people. Many of these people are unaware that they even have this disease until other complications develop. Studies have shown that with education in self-management practices, people can improve his or her quality of life. This paper will discuss the process of designing a class that will educate the community on these practices. The institution’s philosophy will be addressed, explain the educational need for this population group, a class description, the targeted audience, different learning styles, resources needed, learning outcomes, and learner objectives need to complete this class. Diabetic Education for the Community Based on statistics from the Centers for Disease Control website, 17.0 million people in the United States, approximately 6.2% of the population, have diabetes (CDC, 2015). Diabetes is a chronic disease that can cause severe complications resulting in kidney failure, blindness, amputation, loss of sensation, and cardiovascular disease when not controlled. Studies published have demonstrated that many of the debilitating effects of diabetes are avoidable through consistent glucose control, regular medical care, and self-management practices. These studies have shown that people with diabetes that attend diabetes self-management education (DSME) outpatient classes have better clinical outcomes compared to those that have not participated in these classes (Walton, Snead,Show MoreRelatedMy Experience With My Mentor883 Words   |  4 PagesI can still remember the talk with my friends before September when I told them how scared I was to take this c ourse since I could not imagine me, myself, to handle a 90-minute class on my own. When I was informed that I was assigned to an ALI level 6 class, I was shocked. 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The Suez Canal Essay - 1704 Words

The Suez Canal was a construction of a canal to make routes shorter. More importantly the canal was a construction of many dreams, profits, and the unification of the West and the East. Lesseps and his companions began to embark on a journey with a great dream in mind. In his book Parting the Desert, Karabell not only shows the history of the construction of the Suez Canal and the unification of East and West, however also shows the destruction of many countries hopes and dreams Lesseps main mission was to change the political landscapes of three continents through the building of the Suez Canal. He had a vision of progression and knew with this vision that he would achieve greatness and his name would be immortalized. He†¦show more content†¦At a banquet thrown by the French consulate some silverware disappeared, Muhammad came under suspicion, but Lesseps came to his rescue and proclaimed his innocence thereby saving his honor and reputation. Muhammad had a son named Said, who was overweight. Muhammad became worried that Said would become a liability, because people might look at his son and lose confidence in him. He turned to Lesseps for help and Lesseps promised he would try to help Said lose weight. In the end he didnt have the heart and would go horseback riding and sneak Said macaroni, thus forming a friendship which continued for years after. In 1854 when he came into power, he invited Lesseps to celebrate his inherited fortune. Le sseps eagerly accepted his invitation, hoping that he could convince Said to help him with his vision of the canal. Said too had a dream and his vision converged with that of Lesseps. In helping Lesseps with the canal, he hoped he would be able to see Egypt restored to its prominence. 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Panama Canal is the integral link for shipping traffic from the Pacific and Atlantic Ocean in North U.S. (refer Fig. 1). Panama Canal consist a

How to Lie with Statistics Free Essays

A Synopsis of How to Lie with Statistics by Darrell Huff When most people hear or read a statistic, they quickly have to decide if the numbers listed are valid or invalid. It is usually assumed that the author of the statistic is knowledgeable in the field to which the statistic pertains. However, on many occasions, the statistic is false, due to the author’s wording. We will write a custom essay sample on How to Lie with Statistics or any similar topic only for you Order Now Darrell Huff’s novel How to Lie with Statistics is a manual that can help individuals catch these lies. The novel allows readers to solve marketing ploys and dismiss certain statistics as faulty. The first chapter focuses on bias. The book states that all statistics are based on samples, and these samples have bias. This means that no matter what the reader will have a biased opinion. This bias is spawned from the respondents replying dishonesty, the author choosing a sample that gives better results, and the availability of data. Huff uses a survey of readership of two magazines, which had refuting results. This is because, due to the readers’ personal biases, they answered the survey dishonestly. This example closes the chapter, teaching readers to always assume that the sample has a bias. The second chapter focuses on averages. It states that there are actually three types of averages: mean, median, and mode. Mean is the arithmetic average. Median is the name given to the midpoint of the date. Finally, mode is the data point that occurs the most often in the data. Thus, the type of average used can alter the results of the statistics. The next chapter explains how sample data is chosen to prove certain results. Many marketing campaigns use this technique. They choose sample sizes that give their wanted results. Huff’s solution is that one must determine if the information is a discrete quantity or if a range is involved. The following chapter discusses errors in measurement. It explains two measures for measuring error: Probable Error and Standard Error. The probable error uses the error in the measuring device used to measure the error in the measurement. The standard error is the standard deviation of the sampling distribution of a statistic. Chapter five explains how to manipulate a graph in order to show the results one wants. For example, if one was using a line graph to show a 10% climb, they could remove the unused parts of the graph to make their results seem more extreme. The next chapter discusses how two-dimensional images can deceive readers. A picture may be increased in all dimensions, making it seem much larger than it really is, giving the impression of a greater increase. Chapter seven focuses on the semi-attached figure. Simply put, if one cannot prove what they wish to prove, they can merely prove something else and then give the impression that these two things are the same. Huff uses cold medicine as an example. A pharmacist wants the reader to believe that their medicine cures the cold, but instead the label reads that the medicine kills 32, 132 cold germs. The pharmacist then hopes that the reader makes the assumption that because the medicine kills such a high number of germs, then it cures the cold. Huff is therefore teaching not to assume. The following chapter focuses on cause and effect. Huff stresses that readers must ask for when certain data was collected and if the amount of data was adequate for the entirety of the experiment. Chapter nine teachers readers how to ‘statisticulate’, meaning how to manipulate readers by using statistics. This chapter is essentially a list of what to look for when determining the validity of a statistic. Huff explains various tricks, such as measuring profit on a cost price and how income calculations mislead by using children of a family as the average. The final chapter instructs readers on how to talk back to a statistic. Huff emphasizes that readers must ask who the author his and how did he come to collect the knowledge listed in the statistic. Also, he encourages readers to question if someone changed the subject of the statistic. Finally, he explains that one must be able to understand the data presented, and if it does not make sense, then it is most likely untrue. Overall, Huff assists readers in how to determine if a statistic is valid or invalid. Though the book was published over fifty years ago, these methods are still in use. How to cite How to Lie with Statistics, Papers

Business Risk Management

Question: What is risk management?Identify at least 10 business risks facing shang TIF and the business objective. Answer: Business Risk Business risk is probability of earning lower than expected profits. The business risk is influenced by the several factors such as overall economic climate, per unit prices, sales prices, and competition and input prices. Prioritizing the Risks The risks are prioritized as follows: Table 1: Prioritization of risk Risks Ranking o Political risk 2 o Risk related to government regulations 4 o Risk of technology 3 o Risk of not offering better services 5 o Not earning higher profits 7 o Not Meeting the expectation of passengers 6 o Risk of charging high prices 10 o Risk of natural calamity 9 o Imbalance in supply and demand 8 o Not having sufficient resources 1 Justification of ranking The risks are prioritizing on the basis of controllability of risk factors and the loss done by the risk to the business. As per the risk table given above the most urgent risk for the company will be to not have the sufficient resources. This kind of risk will be impacting the business and profits negatively. This is followed by political risk and government regulations, which will impact the business. Risk of charging high prices is given least weigh as it might be possible that passengers would be ready to pay higher prices to get the better experience. Risk responses strategy The risk Reponses strategy is made by keeping in mind the business of the company. The business of company is highly seasonal. First half of the year is low and second half is quite higher. The company needs to take the approval from the government for operating in particular route. It has to comply with the safety regulations of safety maritime. Keeping in mind all the factors, the risk responses strategy is framed. Control activities Control activities taken to mitigate the impact of the risk can to have the abundant of resources. The company can reduce the risk by making contingency plan to combat the effect of natural calamity and political risks. Technology related risks and other risks can be encountered by infusing more capital. Objective specific risk ranking Organization risk environment The risk environment of the organization can be understood as the environment of uncertainty. Environments of the organization are complex set of relationship which is not easy to understand. Advice to management The management of the company can be advised to make the contingency plan for combating with the risks. There are so many kinds of risks which cannot be controlled but the impact of which can be alleviated by the help of contingency plan. Most urgent risk The most urgent risk is risk of not having sufficient resources. The company should make sure that it possesses all the resources required for business. Recommending changes to management The company is dealing in the diverse culture. Company has to make changes to the cultural environment of the company. The culture of the company should be flexible and should have diverse workforce. The management of the company should try to improve the operations of company. Financial risk management Situational analysis This report is a case analysis report of a Regional Bank Manager making a proposal for the committee for approval based on a solution provided to hedge the perceived interest risks of two corporations. The two parties involved in this case are: Diamond Corporation Ltd. which is a diamond mining company and is an existing client of this Regional Bank Random Trading Pty Ltd. which is a Trading company and is not a client of this bank. The perceived interest risks of both the companies are opposite in nature with James Lincoln, Chief Executive of Diamond Corporation Ltd. having a view that the interest rates would fall in future while Luke Washington, Chief Executive of Random Trading Pty Ltd is worried about exposure to potential increase in interest rates (Alexander, 2008 ). The summary of both the companies is as below: Company Diamond Corporation Ltd Random Trading Pty Ltd Loan Amount $ 5,000,000 $ 5,000,000 Loan Status Debentures Issued Loan Required Interest Rate Fixed at 7% Looking for a fixed interest rate below 10% Interest Rate Risk Perception Rates will fall Rates will increase Looking for Variable interest rate loan Fixed interest rate below 10% Credit Rating AAA ABB Solution to hedge the perceived interest rate: As a Bank Manager, if I assess the perceived interest risk may be hedged as below: Diamond company is looking for a variable interest rate that my regional bank can offer at BBSW (bank bill swap rate) + 1% against the debentures of the company fixed at 7% fixed rate Random Trading Pty Ltd can be provided with the loan at the fixed rate of above 7% and below 10% which the Chief Executive will happily accept. This way, if the interest rates fall, the loss against the fixed 7% from the Diamond Company is mitigated from the profit of having fixed rate from Random Trading Pty Ltd. Similarly if the interest rates are increased, the loss against the fixed rate loan to Random Trading Pty Ltd may be obtained from profit from Diamond Corporation having variable rate. This way the interest rate risk at both the companies is hedged for the bank. Also, this would increase the business of the bank by adding a new client Random Trading Pty Ltd to its clientele list. Though the credit risk rating of Random Trading Pty Ltd is ABB but as trading company being into services, the credit risk for a loan amount of $ 5 million should be acceptable and is recommended to the committee for approval. Short Note to Diamond Corporation: It has been a great pleasure dealing business with you as a client and this is in reference to our recent discussion regarding your Fixed Interest Rate Debenture Loan of $ 5,000,000. Considering your concerns about the interest rate risk involved, we hereby propose you with a variable interest rate on the debenture loan issued to you at a cost of BBSW (Bank Bill Swap Rate) + 2%. This proposal has been considered keeping in view of our long term relationship and effective business dealings with you. We request you to kindly revert with your acceptance and acknowledge. We look forward for a long term relationship and take customer satisfaction as our priority. Short Note to Random Trading Pty Ltd In reference to our discussion about your companys growth strategies and fund raising aspects, we are glad to propose you a loan of $ 5,000,000 at a fixed interest rate of 8% per year. A detailed sanction approval along with terms and conditions shall be provided subject to approval from the concerned authority. In view of the same, we request you to kindly submit a detailed note on your growth strategies and business profile along with a request proposal for the loan requirement so that appropriate decision may be recommended to the concerned authorities for approval. We would also like to inform you that 0.5% of the loan amount would be charged as a one-time payment as the fund arrangement and processing charges. Request you to kindly provide with us with the details required as stated above at the earliest. We look forward for a long term relationship and take customer satisfaction as our priority. Recommendation proposal to Bank Authorities This is to bring to your kind notice about the proposals I had assessed recently related to an existing client, Diamond Corporation and a new envisaged client, Random Trading Pty Ltd. Diamond Corporation has been an existing client to our Bank since many years and has a Debenture loan sanctioned from us at a fixed interest rate of 7% per annum. The loan raised is to the tune of $ 5 million. The company is an AAA credit rated company having good standard diamond mining operations. In my recent client interaction with the Chief Executive of the company, it is understood that they are looking for variable interest rate availability against the fixed interest rate that they are currently charged as they perceive decrease in interest rates. He has even mentioned about the company being exploring options to mitigate this risk perceived by them. The client being a good credit rated company and with the possible solution as to be discussed below, I recommend to sanction the client with a variable interest rate of BBSW + 2% to continue the client over longer run. The solution I have for mitigating or hedging the risk involved with Diamond Corporation is to start a business with Random Trading Pty Ltd. Random Trading Pty Ltd is a trading company doing its business from past few years and the credit rating of the company if at ABB. Though credit rating is having higher risk as compared to Diamond Corporation, the company being into services and ding good has a positive recommendation. In my recent meeting with the Chief Executive of Random Trading Pty Ltd, they are looking for a loan of $ 5 million for their business expansion and growth. They are keen towards a fixed interest rate. A detailed profile of the company and their growth strategy is attached for your reference. I recommend this proposal at a fixed interest rate of 8% may be taken up which will hedge the variable interest rate recommended for Diamond Corporation. Though credit rating risk is different for both the companies, the positive review and business of Random Trading Pty Ltd adds on business to us and also provides a long term relationship with existing clients. With these observations, I recommend both the proposals for your perusal and approval. Diagrammatic Representation of the ProposalForeign currency forward exchange rate The foreign currency forward exchange is (FEC) is an agreement between the two parties for the purpose of exchange of one currency with the other currency on agreed date at an agreed prices and it is applicable for more than 2 business days post the agreement date. While arranging for the foreign exchange contract one has to quote a foreign exchange rate. Foreign exchange rate is rate at which one currency for another currency is exchanged at the future date. The rate is computed by adjusting the current spot rate by the forward margin (PDS, 2014). The risk is managed in such case by locking the exchange rate at the specified rate. The rate applicable on the trading is that which has been decided earlier, not the prices prevalent on the same day. This way risk of exchange rate volatility is divided among the parties associated with the contract (Standard Bank, 2016). For instance if an ABC firm is importing an irrigator in the United States due for the delivery after 4 months and full payment due after 3 months. The firm is having credit facility and they have contacted their treasury representative quoting the following prices: Current spot rate = 1.0004 Forward margin of 3 months = -0.00078 Then FEC rate is = 1.0004 0.00078 = .9926 They have agreed to buy irrigator after three months at AUD 151118.28 i.e. USD 150000/0.9926. The rate three months later is 0.9600. The company has saved the following amount on irrigator: 150000*0.9926 = 151118.28 150000*0.9600 = 156250.00 Interest Rate Option Markets of interest rates are among the most liquid and largest markets of the world today. The options are available both for speculation as well heading of the interest rates (Gupta Subrahmanyam, 2004). Interest rate options are suitable for hedging the risk against the movements of interest rates without forgoing the profits of the market trends. There are two terms cap and floor used for higher rates and lower rates respectively. A collar is encompassing both cap and floor. After determination of the strike price cap and floor i.e. upper limit and lower limits are decided. Post that calculations related to premium is done (Credit Suisse, 2016). This way the upper limit and lower limit of the interest rates are set by the parties in a bid to hedge against the prevalent risk. The trading takes place on the predetermined upper limit or lower limit of the interest rate. On each interest date current interest rate is compared with the strike price. When strike price is more than the interest rate, the trading does not take place. If interest rate is lower than the strike price there is occurrence of insured event. The bank can play the role of writer to pay the differences (CBOE, 2016). For instance, financial risk of the company can be mitigated by offering protection against the falling interest rates. Investor operating in money market can be profitable from rising interest rates by paying premium on the floor (Credit Suisse, 2016). Currency Swap Currency swap can understood to be a best way to hedge the transactions of loan. There is flexibility in currency swap that a fixed rate loan can be fully hedged with combination of currency and interest rate hedge with the help of fixed floating cross currency swaps. Swaps are way of managing the requirements of funding and debt rather than a method of borrowing money. It hedges the risk by making available cheaper funds by reducing cost of borrowing. It improves the income from investment. It hedges the exposure of lone term currency and reduces the financial risk of organization (MFX, 2016). For instance following are the rates quoted for cross currency interest rate swap for three year against the dollar. Sterling 7.74 -7.94 percent (Dealing spread of 20 basis points) Canadian dollars 6.50 6.75 percent (dealing spread of 25 basis points) The quoted rates are fixed rates that a bank is either required to receive (higher rate) or pay (Lower rate) in the cross currency interest rate swap. In this case, the counterpart will pay or receive the interest at LIBOR for 6month dollar (UST, 2016). References Alexander, C., 2008. Market Risk Analysis, Pricing, Hedging and Trading Financial Instruments. John Wiley Sons. CBOE, 2016. Interest rate options. CBOE. Credit Suisse, 2016. Interest-Rate Options. Credit Suisse. Duffie, D. Singleton, K.J., 2012. Darrell Duffie, Kenneth J. Singleton. Princeton University Press. Epstein, B.J., Nach, R. Bragg, S.M., 2009. Wiley GAAP Codification Enhanced. John Wiley Sons. Gupta, A. Subrahmanyam, M.G., 2004. Pricing and hedging interest rate options: Evidence from capfloor markets. Journal of Banking Finance, 29(1), pp.70133. MFX, 2016. Cross Currency Swaps. MFX. PDS, 2014. Forward Exchange Contract. Product Disclosure Statement. Standard Bank, 2016. Forward exchange contracts (FEC). Standard Bank. UST, 2016. Currency swaps. UST.